The cryptocurrency market has entered a correction phase after a recent rise in price. Most of the top coins have lost more than 3% over the last 24 hours. However, Ethereum (ETH) is showing much better price dynamics as its rate has decreased by only 2% during the day.
Analyzing the long-term prospects of this leading altcoin, the price of ETH has increased by 10% over the week. It is difficult to predict whether this trend is going to be to a bull run or remain in bearish one because the price of ETH depends greatly on BTC.
Below is the relevant data at the time this article was published:
Market Cap: $19,928,278,126
Volume (24H): $10,949,731,417
Change (24H): -2.01%
ETH/USD: Bears Are Running out of Steam
The price for ETH is currently at the same level as it was on Monday. However, there seems to have been an attempt to show a slight increase in price.
The upward trend has encountered resistance, leaving ETH at a price mark of $195. So, one can think about buying if there is a drop from this level, giving the bulls the opportunity to buyout the entire volume of the current offer, and the profit-risk ratio is on the buyer's side. To sum it up, sellers have seized the initiative again and are about to roll back ETH to a price level of $180 in a short amount of time.
Looking at a bigger time frame, the bears are also controlling the situation. At the moment, ETH is unable to hit the vital mark of $200 because the trading volume has not come back to the positions from the Summer of 2019. While ETH has rocketed by 20% with the recent growth, the long-term perspective is bearish.
Moreover, the Ichimoku Coud has not left, forming a red zone and confirming the decline. In this case, sellers are about to push the rate back to $165 in the upcoming weeks.
At the time of publication, ETH was trading at $183.41.